Stock markets continue to be volatile. A certain level of consensus suggests that equities is still the preferred investment vehicle as opposed to the bond market where interest rates are still low. This may be the case for a while longer, reflecting a stronger North American economy and a much improving European one. However, there is question that the US Federal Reserve may increase rates four times now over the next 12 months. It is difficult to see how that will not affect consumer spending. So far, there are few signs of inflation but that should come soon. That also applies to an eventual stock market correction. Some gold participation is warranted.